The Law Of Bitcoin, the guide to navigating the rules in the dynamic world of digital currency, was published in July 2015. The book is the first of its kind exploring digital currency law in four jurisdictions: Canada, Germany, the United Kingdom, and the United States.
The Law of Bitcoin covers such topics as the intersection of digital currencies and criminal law, taxation, anti-money laundering and counter-terrorist financing regulations, securities law, consumer protection, negotiable instruments, currency law and financial regulation. The book is written by knowledge leaders in the fields of law and digital currency.
Tim Swanson, author of The Anatomy Of A Money-Like Informational Commodity and Great Chain Of Number, shares his opinion on the book:
“It is unique because the authors concisely and objectively explain how Bitcoin and bitcoin are lawfully viewed. They provide relevant, up-to-date clarity in a space that is often nebulous, confusing and filled with conflicting partisan information. The authors arrive at what will likely be unpopular conclusions that are only possible because they are not seeking to defend special interest groups. This includes issues such as fungibility which is handled in a manner that flips the conventional narrative within the Bitcoin community on its head, yet is important for any entrepreneur, developer, investor and user in the nascent space. The Law Of Bitcoin is a helpful guide to novices and veterans alike.”
The Law of Bitcoin is a leading resource for digital currency entrepreneurs, enthusiasts and those who want to understand the basics of how the law affects digital currency and Bitcoin businesses, and also for those in the legal community searching for sophisticated answers to more advanced questions.
Later this month Thomas J. Curry, head of the Office of Comptroller of the Currency, has published a speech of significant importance for the whole Bitcoin industry. The main topic of the conference – Leading towards the future; ideas and insights for a new era – reflects the main idea of supporting new technologies. The importance of leveraging all possible innovations went through the whole discussion.
Mr. Curry underlined the importance of finding a rational balance between encouraging innovations and managing risks. Current interest in digital currencies and Bitcoin in particular, is undeniable. Mr. Curry shares the opinion that one of the main advantages of new payment option is absence of double spending. People are offered less expensive way to settle transactions.
“That’s not objectionable in and of itself, but one of the attractions of virtual currency is anonymity, and so we need to be sure that federal banks and thrifts that participate are adhering to requirements of laws aimed at deterring money laundering and terrorist financing. Again, this is basic risk management, and it’s no different from the diligence we expect from traditional account management,” Mr. Curry stated.
As said by Mr. Curry, the society should welcome innovative approaches to traditional services and here regulators step forward. Only in case of reasonable regulation people will leverage innovations to the full.